ORLANDO, CA - Sacramento, the Maloofs and NBA have reached a deal on a framework for financing a new arena for the Sacramento Kings.
In Orlando for meetings with the league and the Maloof family, owners of the Sacramento Kings, Sacramento Mayor Kevin Johnson said a downtown arena will be built.
Specifics were not revealed; the Think BIG Sacramento contingent will bring the term sheet back for the city council to discuss and vote on next week.
According to previous reports, pending parking lot revenues, the city of Sacramento will kick in $240 million toward the estimated $387 million venue. Arena operator AEG is penciled in for $40 million to $60 million. At issue was the Maloofs'/Kings' contribution which News10 has learned is $73 million upfront.
An emotional Gavin Maloof spoke after the agreement in Orlando.
"I think it's great for our community. I'm glad that it's finally coming to an end," Maloof said.